U.S. Import and Export Prices Increase During February

Import prices rose 0.4% (2.0% y/y) during February after increasing by the same amount in January, revised from 0.3%. A 0.1% easing had been expected in the Action Economics Forecast Survey. Export prices rose 0.1% (2.1% y/y) after increasing an unrevised 1.3% in January. A 0.2% decline had been expected.

Foods, feeds & beverage import prices held steady (+8.2% y/y) last month after rising 0.2% in January. Fuels & lubricants prices rose 1.7% (2.8% y/y), the fourth consecutive monthly gain. Capital goods import prices eased 0.2% (-0.4% y/y) after rising 0.1% in January. Motor vehicle & parts import costs held steady (+1.4% y/y), while nonauto consumer goods prices rose 0.4% (-0.1% y/y). Import prices excluding fuels rose 0.3% (2.0% y/y).

In February, export prices of foods feeds & beverages increased 0.9% (2.3% y/y) after holding steady in January. Industrial supplies & materials prices were unchanged last month (+2.9% y/y) following a 3.2% strengthening. Capital goods export prices improved 0.1% (1.5% y/y) after surging 1.8% in January. Motor vehicle & parts prices rose 0.2% (2.3% y/y) after dipping 0.1% in January. Consumer goods export prices less autos gained 0.6% (1.3% y/y) after a 0.3% increase. Agricultural commodity prices rose 0.8% (0.6% y/y) while nonagricultural product costs edged 0.1% higher (2.2% y/y) after strengthening 1.5% in January.

Each of these monthly trade price numbers are not seasonally adjusted. The import and export price series can be found in Haver’s USECON database. Detailed figures are available in the USINT database. The expectations figure from the Action Economics Forecast Survey is in the AS1REPNA database.